E&Y has officially entered the pay freeze zone, via a voicemail left for employees, according to multiple tips we received. This follows the rumor that was announced a couple of weeks ago.
The following factors led to freeze:
Excuses Reasons and our explanations, after the jump
• Fairness – “It’s fair that everyone’s pay is being frozen.”
• Market Competition – “Monkey see, monkey do”
• Invest in Top Performers – “Top Performers” is subject to interpretation.
• Market Pressure – “Our clients are biting the dust or they’re ditching us”
• Fiscally Responsibility – “It’s a recession”
One exception to the freeze is that second year associates will get a raise in order to put them at the level of or above the incoming new associates, which is consistent with the earlier rumors. Select cities and practices may receive increases but it doesn’t sound too promising.
Bonuses are being paid to those of you that got promoted and they break down as 5k to SA’s, 6.5k to Managers, 8k to Sr. Managers. Sounds like partners took a pay cut this year so dammit, no belly-aching. Just kidding, go ape. If you have your own interpretation on the reasons given for the freeze, discuss in the comments.